Benefit From Your Home’s Equity With A Reverse Mortgage

Reverse Mortgages

If you are a senior citizen, you can utilize the investment you have built up in your home to assist with day-to-day living, healthcare expenses, home remodeling, or even a second home. Let the loan professionals at Silex help you tap into your investment with a reverse mortgage.

Assistance from Application to Closing

We make the reverse mortgage application process simple. Our experienced professionals handle your transaction from application paperwork to closing. We’ll find the best lender to get you the best deal possible.

Below are some frequently asked questions about reverse mortgages. Give us a call to learn more about how you can benefit from this type of loan.

What is a Reverse Mortgage?

Reverse mortgages, also known as home equity conversion mortgages (HECMs), offer another option for senior citizens that would like to borrow against the equity in their homes. Under a reverse mortgage, homeowners retain ownership of their homes while collecting a monthly payment, or in some cases a lump sum payment, from the lender. Reverse mortgages may be a good option for seniors for whom selling their home may not be profitable due to capital gains taxes, and who are seeking to improve their standard of living by increasing their income.

How Reverse Mortgages work?

Reverse mortgages carry certain conditions.

The homeowner must live in the residence for the duration of the loan. Accordingly, they are still responsible for all applicable taxes, insurance, maintenance, and repair.

The amount borrowed must be no more than the appraised value of the home, or the maximum value allowed by HUD in a given locality, whichever is lower.

Borrowers can never owe lenders more than the value of their home at the time the loan is repaid.

A reverse mortgage loan typically does not require repayment until the last homeowner has passed away or has moved out of the property. Consequently, life expectancy is a huge part of the calculation in regards to how much money the borrower will receive. In general, the older you are, the more equity you have in your home, and the lower your current mortgage loan balance; the more money you can expect from a reverse mortgage loan.

What Are the Amount of Funds I Can Receive Through a Reverse Mortgage?

The older a homeowner, the more money they can receive with a reverse mortgage. The amount of funding available depends on the borrower's age, the home's value, and current interest rates. Our Reverse Specialists will be happy to create a plan that fits your needs.